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Indonesia's Payfazz invests in Xfers to take on Gojek and Grab

New group targets 290m unbanked in Southeast Asia

Payfazz says it has 250,000 registered agents across rural areas in 514 districts in the country, serving more than 10 million monthly active users in 2020. (Source photo by Ken Kobayashi)

JAKARTA -- Indonesian fintech platform Payfazz announced on Thursday that it invested $30 million in Xfers, a Singapore-based payments infrastructure company. As part of the deal, the two companies have formed a new entity called Fazz Financial Group (FFG).

Xfers founder and CEO Tianwei Liu told KrASIA the two startups have been working together since last year, supporting over 250,000 agents across Indonesia. In the future, Xfers will serve as the business-to-business arm of FFG, focusing on linking external merchants to the group's payment infrastructure and user network.

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